Sarasota allocates $600,000 to help halt foreclosures listen12/10/08 Mitch E. Perry
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Sarasota County Commissioners yesterday approved $600,000 to give direct financial assistance for families in the county facing foreclosure on their homes.
The funding – which ultimately could rise to $1 million - will be distributed in grants of up to $5,000 through a group of nonprofit organizations in the county.
Last month, deputy administrator Susan Scott said there were approximately 8,000 pending foreclosures in the judicial process and an additional 900 filings occurring monthly. But the goal here is to help save the 2,400 or so homes valued at less than $300,000.
Officials say that if the program is successful, they may spend another half-million on it.